USD/CAD intraday technical analysis and trading recommendations for July 5, 2013
July 5, 2013 4:15 pm
The USD/CAD pair rose steeply last week approaching the key resistance level of the ascending channel around at 1.0530 as depicted in the chart.
Since then, the pair has established a consolidation range between 1.0450-1.0560.
Despite the signs of bearish reversal expressed around 1.0550, all trials for breakdown below 1.0450-1.0425 have been aborted.
Today we have an obvious bullish breakout above 1.0560 which renders this price level a valid BUY entry on retesting.
This bullish breakout has a projection target extending up to 1.0670. However, we should notice the price action around 1.0655 as it corresponds to previous top that goes back to October 2011.
The material has been provided by InstaForex Company – www.instaforex.com
The USD/CAD pair rose steeply last week approaching the key resistance level of the ascending channel around at 1.0530 as depicted in the chart.
Since then, the pair has established a consolidation range between 1.0450-1.0560.
Despite the signs of bearish reversal expressed around 1.0550, all trials for breakdown below 1.0450-1.0425 have been aborted.
Today we have an obvious bullish breakout above 1.0560 which renders this price level a valid BUY entry on retesting.
This bullish breakout has a projection target extending up to 1.0670. However, we should notice the price action around 1.0655 as it corresponds to previous top that goes back to October 2011.
The material has been provided by InstaForex Company – www.instaforex.com
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